8 out of 10 firms report increased prices as issues in supply chains mount
New British Chambers of Commerce (BCC) data released from a survey of over 1,000 businesses has thrown sharp focus on the impact of skills and commodities shortages for UK firms, with spiralling prices in evidence. The data show an overwhelming majority of businesses are raising prices as they face acute shortages and cost pressures - with vehicle fuel, shipping containers and utilities cited as the top areas of concern.
Read the full press release here >
REX: Invoice Statements - Declaration of Origin:
If you are importing goods into the UK from a country or bloc with whom we have a free trade agreement (FTA), your overseas supplier will need to declare the goods originated in their country. Each FTA will have an official notification in the documentation. It could be a statement on the invoice, a Certificate of Origin, a preferential trade certificate, a supplier’s declaration, a trusted trader status i.e REX (Registered Exporter), Approved Exporter (AE) or Authorised Economic Operator (AEO) or evidence that the goods originate in a GSP country.
Whatever it is, you as the importer of record must show HMRC that you have done sufficient due diligence to prove the goods you are importing meet FTA preference rules.
As this is a new chapter in our relationship with the EU, from 1 January 2022 all suppliers from Europe must have a REX authorisation. The REX registered number must be shown on their Commercial Invoice for the goods to enter the UK duty free. Any goods arriving at the UK customs border point without the REX authorisation number will have an import duty charge if the products commodity code carries duty.
It is important that all businesses bring this to the attention of all their EU suppliers. It is very easy to get REX authorisation and it is free. For UK companies exporting to the EU, they will continue to put officially worded origin declarations on their commercial invoices. For the rest of the world UK-EUR1 preferential trade certificates, Certificates of Origin, invoice statement declarations, long term supplier’s declarations or a trusted trader status (REX, AE, AEO) etc will be used to prove origin.
After a meeting with the Paymaster-General Michael Ellis, the BCC has taken up issues with the Cabinet Office such as cross-border VAT and the expiry of the easement on proof of origin on UK-EU trade. New implementation guidance on the usage of CE and UKCA marking from January 2023 will be available soon from the Department for Business, Energy and Industrial Strategy.
Lord Frost made a statement on negotiations with the EU in the House of Lords last week. He said the discussions still had some way to go before other actions in relation to the Protocol in NI would be undertaken. The BCC has pressed both sides to reach an agreement to avoid risks of EU-UK trade disruption this winter.
At the World Trade Organisation in Geneva, further work has been completed on the agenda for micro, small and medium sized businesses, including a new digital trade information platform for businesses, ahead of the Ministerial Conference at the end of this month.
Attend our courses and gain the knowledge to assist with your international trade activities. All our training courses are held via Zoom.
Letters of Credit
Tuesday 23 November, 10.00am-2.30pm
This workshop covers the five main types of payment for exports, from advance payment to open account, including Sight Documentary Collection, Term Documentary Collection and Documentary Letters of Credit. It includes the use of Bills of Exchange with and without documents.
Inward and Outward Processing
Tuesday 7 December, 10.00am-2.30pm
The course will cover special procedures and the benefits of using Inward Processing and Outward Processing in your compliance.
Understanding rules of Origin
Tuesday 14 December, 10.00am-2.30pm
This course will explain all aspects of the Rules of Origin and Trade Agreements and how to understand and comply with them to help companies be more competitive in export markets.
Cost per delegate, per course:
£280.00 (plus VAT) Chamber members, £375.00 (plus VAT) non-Chamber members